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New York Insurance Fund Refunds $550M to Employers for Workplace Safety

August 12, 2022

The New York State Insurance Fund reported that it returned more than $550 million over the past year to businesses through its workers’ compensation safety discounts and dividends programs.

The state agency provides dividends for companies that belong to a NYSIF safety group, where employers in similar industries pool together to reduce workers’ compensation costs.

Under New York law, businesses must secure workers’ compensation coverage, which most companies obtain through NYSIF or a private carrier. But unlike a private insurer, NYSIF must cover any employer that applies for coverage regardless of risk at the lowest possible cost to maintain a solvent fund.

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